Crypto Investment Trends in the United States, Past 6 Months and Future

The widespread adoption of Bitcoin is happening at a gradual pace. Some investors hold bitcoins for profit, while others use cryptocurrencies for online transactions. Let’s dig a little deeper

Results

Here’s an overview of the state of bitcoin adoption in the United States.

A new survey by Bakkt solicited responses from 2,000 consumers in the region. It aimed to map bitcoin and cryptocurrency adoption trends over the past six months and the next six months.

48% of respondents have invested in bitcoin and cryptocurrencies in the past six months. A significant number (19%) of investors invested less than $100. Those who invested more than $1,000 accounted for 5%. However, more than half of the respondents have not really invested in these digital assets. Still, with 69% of respondents under the age of 44, this means that most investors in the United States are relatively young.

Meanwhile, the bulk of investors across all age groups have invested less than $100 in bitcoins and cryptocurrencies. Here’s how it goes:

Uses)

According to the survey, cryptocurrencies have varied uses. According to the Bakkt survey, 58% of Americans have purchased bitcoin or other cryptocurrencies in the past six months as a long-term investment. However, 43% of investors hope to make a profit in the short term. Moreover, people have also bought bitcoins for online transactions.

24% of respondents said that cryptocurrencies will allow them to buy online. Similarly, another 12% plan to use cryptocurrencies for in-person purchases of goods and services. Only 11% bought cryptocurrency with the intention of transferring it to someone else, such as to pay a friend or family member.

Irrespective of the different utility cases, the incorporation of cryptocurrency for long-term investment and value accumulation is the primary reason for investing across all age groups.

Buying into the crypto hype in the next 6 months?

Well, it got a mixed reaction. For example, crypto investing attracted only 32% of respondents. However, 25% of people were not interested in investing in bitcoin and cryptocurrencies in the next six months. 21% of the lot maintained a neutral position regarding these tokens.

Next, the survey also touched on the interest in investing in crypto by different age groups. Predictably, investing in crypto appealed the most to people between the ages of 18 and 44. However, those aged 45 to 60 show the least interest, with 33% being indifferent to bitcoin and cryptocurrency investments.

Moreover, the potential for long-term return on investment has attracted investors the most. The absence of charges represented 16% of the call. Other factors, including ease of access, fear of missing out, lack of centralized control and others, were equally appealing.

Overall, the volatility factor still remains the dominant cause (32%) of the skeptical token narrative. Lack of knowledge on where to start comes second. Other challenges included high prices and lack of trust in exchanges and third-party brokers.